What was the 1792 U.S. market panic involving Alexander Macomb called?

The 1792 U.S. market panic involving speculator Alexander Macomb was called the Panic of 1792.

The episode developed after aggressive speculation in securities, including U.S. government debt and Bank of the United States shares. Alexander Macomb and other speculators used borrowed money, and when prices turned downward, attempts to sell assets created further pressure.

The crisis threatened banks and securities markets in the young United States. Treasury Secretary Alexander Hamilton responded by arranging purchases of government securities and encouraging banks to provide liquidity. His actions helped restore confidence and are an early example of a government-backed response to a financial panic.

The Panic of 1792 is sometimes grouped with the later British crisis involving the Ayr Bank, but the American event occurred earlier in the spring of 1792. It was one of the first major financial crises under the U.S. federal government.